Nova Eye Medical Posts 24% Annual Revenue Growth, US Sales Up 35% in Q2 FY26

Record Sales Momentum

Nova Eye Medical Limited (ASX – EYE) has delivered a standout performance in the December 2025 quarter, posting record global sales of US$6.1 million. This represents a robust 38% increase compared to the same quarter last year and a 25% rise from the previous quarter. The growth was primarily driven by strong demand in the United States, which remains the company’s key strategic market, alongside accelerating sales in Rest of World regions.

The company’s flagship product, the iTrack™ technology, has now been used in approximately 180,000 surgical procedures worldwide. This minimally invasive glaucoma treatment continues to gain traction among surgeons, supported by Nova Eye Medical’s expanding commercial and clinical engagement efforts.

Sustained US Growth and Global Expansion

Sales in the US market grew by 35% year-on-year, marking the sixth consecutive half of growth since the launch of iTrack™ Advance. This sustained momentum translates to a compound annual growth rate of approximately 40%, significantly outpacing the estimated 8% industry growth rate. Meanwhile, Rest of World markets saw a remarkable 123% increase on the prior corresponding quarter, albeit from a smaller base, reflecting growing awareness of canaloplasty-based glaucoma solutions.

Germany’s sales remained stable, with expectations for future growth as iTrack™ Advance gains further market penetration. In China, regulatory approval for iTrack™ Advance was secured in September 2025, though commercial sales have yet to commence. The company is actively preparing for a launch during calendar year 2026, signaling a promising new market opportunity.

Operational Investments and Manufacturing Expansion

Nova Eye Medical reported a group cash outflow from operations of A$1.0 million for the quarter, influenced by a A$1.2 million investment in working capital to support rapidly growing sales. Despite this, the underlying cash flow from operations was positive, and management expects continued improvement in cash flow during the second half of fiscal 2026.

Significantly, the company commissioned a new cleanroom facility at its Adelaide headquarters. This expansion not only increases production capacity but also mitigates risks associated with global tariff uncertainties and aims to reduce manufacturing costs through process improvements.

Clinical Progress and Market Engagement

Clinical validation remains a cornerstone of Nova Eye Medical’s strategy. The latest iTrack™ Global Data Registry report showed an 85% success rate in patients with elevated intraocular pressure after 12 months, with minimal complications. Recruitment continues for the CATALYST study, a multi-country trial assessing combined cataract surgery and canaloplasty, which is expected to bolster clinical credibility in key markets.

Market activation efforts included participation in major international glaucoma conferences and symposia, featuring hands-on training and presentations by leading ophthalmologists. These initiatives aim to deepen clinical adoption and awareness of iTrack™ Advance globally.